Debt and Credit Agreements

12 Months Ended

Dec. 31, 2011

Debt And Credit Agreements Disclosure [Abstract]

Long-Term Debt

The following table summarizes long-term debt (rates and terms are as of December 31, 2011):



	December 31,
(in millions)	2011			2010
First and refunding mortgage bonds:
2014 – 2041 (3.875% to 6.05% and floating)	$	7,375		$	6,475
Pollution-control bonds:
2028 – 2035 (2.875% to 5.0% and variable)	939			1,196
Bonds repurchased	(161		)	(324		)
Debentures and notes:
2029 – 2053 (5.06% to 6.65%)	307			307
Unamortized debt discount – net	(29		)	(27		)
Total	$	8,431		$	7,627

Long-term debt maturities for the next five years are: 2012 – zero; 2013 – zero; 2014 – $1.2 billion; 2015 – $300 million; and 2016 – $400 million.

Liens and Security Interests

Almost all SCE properties are subject to a trust indenture lien. SCE has pledged first and refunding mortgage bonds as collateral for borrowed funds obtained from certain pollution-control bonds issued by government agencies. SCE has a debt covenant that requires a debt to total capitalization ratio be met. At December 31, 2011, SCE was in compliance with this debt covenant.

Credit Agreements and Short-Term Debt

SCE has two revolving credit facilities with various banks; a $2.4 billion five-year credit facility that matures in February 2013, and a $500 million three-year credit facility that matures in March 2013. Commercial paper issued under these credit facilities are generally used to finance fuel inventories, balancing accounts undercollections and general, temporary cash requirements including power purchase payments. At December 31, 2011, the outstanding commercial paper was $419 million at a weighted-average interest rate of 0.44%. At December 31, 2011, letters of credit issued under SCE's credit facilities aggregated $81 million and were scheduled to expire in twelve months or less.

The following table summarizes the status of SCE's credit facilities at December 31, 2011:



(in millions)	Credit Facilities
Commitment	$	2,894
Outstanding borrowings supported by credit facilities	(419		)
Outstanding letters of credit	(81		)
Amount available	$	2,394

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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